Pledge of TIF Revenues. Pursuant to the Resolution, the Agency will pledge the TIF Revenues as security for the Bonds as provided herein. The Agency hereby represents that the aggregate mill levy on real property within its jurisdiction for fiscal 2014 is 2.177554. The Agency is not aware of any facts which would result in a material reduction of such mill levy. Based upon the foregoing, and the anticipated construction costs of the Project, the amount of TIF Revenues which the Company reasonably believes will be generated annually from the Project is set forth in Exhibit D hereto.
Pledge of TIF Revenues. The Authority hereby pledges 100% of the annual TIF Revenues as security for the TIF Indebtedness.
Pledge of TIF Revenues. Pursuant to the Resolution, the Authority will pledge the TIF Revenues as Security for the Bonds.
Pledge of TIF Revenues. The Commission shall pledge one hundred (100%) of the TIF Revenues generated within the Allocation Area to the repayment of the Bonds for a term of twenty-five (25) years from the date of issuance of the Bonds (the “Pledged TIF Revenues”). Pledged TIF Revenues will be utilized first to make current payments of interest and principal on the Bonds and, second to remedy any prior shortfalls with respect to the Bonds. The City Bodies shall not pledge to the repayment of the Bonds any tax revenues or other funds of the City, except the Pledged TIF Revenues. Any amounts due and owing on the Bonds at the expiration of the Allocation Area on the date which is twenty-five (25) years from the date of issuance of the Bond shall be forgiven.
Pledge of TIF Revenues. The Commission shall pledge 95% of the TIF Revenues generated within the Allocation Area to the repayment of the Bonds for a term of twenty-five (25) years from the date of issuance of the Bonds (the “Pledged TIF Revenues”). Pledged TIF Revenues will be utilized first to make current payments of interest and principal on the Bonds and, second to remedy any prior shortfalls with respect to the Bonds. The remaining 5% of TIF Revenues generated in the Allocation Area will not be pledged to the repayment of the Bonds and may be utilized by the Commission for any lawful purpose. The City Bodies shall not pledge to the repayment of the Bonds any tax revenues or other funds of the City, except the Pledged TIF Revenues. Any amounts due and owing on the Bonds at the expiration of the Allocation Area shall be forgiven.
Pledge of TIF Revenues. In the event the CRA issues additional bonds, notes, loans or other debt instruments subsequent to the Effective Date, the CRA covenants and agrees not to pledge the Incremental TIF derived from the Project which will be payable to Developer under this Agreement as collateral for such bonds.
Pledge of TIF Revenues. The Authority hereby pledges the TIF Revenues as security for the TIF Indebtedness. All TIF Indebtedness issued pursuant to this Redevelopment Contact shall be secured on a parity basis, except as specifically provided herein. The pledge of TIF Revenues as security for the Series B Bonds shall be subordinate and subject to the pledge as security for the Series A Bonds.
Pledge of TIF Revenues. The Village hereby pledges the TIF Revenues as security for the TIF Indebtedness.
Pledge of TIF Revenues. The Authority hereby pledges the TIF Revenues as security for the TIF Indebtedness. The TIF Indebtedness issued to Redeveloper shall be secured by a first priority pledge of the TIF Revenues. Subsequent TIF Indebtedness shall be secured by a subordinate pledge of the TIF Revenues. TIF Revenues not applied to payment of TIF Indebtedness to Redeveloper in a calendar year pursuant to Section 3.02 hereof are pledged for and shall be applied to fund or repay TIF indebtedness of the Authority utilized, in its discretion, in carrying out its purposes under the Act, including completion of this Project.
